First Presbyterian Church is blessed to have endowment funds totaling almost $2,000,000 as of December 31, 2021. These funds are also referred to as Restricted Funds because their use is restricted for a particular use (maintenance of buildings, missions, scholarships and operations).
Endowment funds are invested in stocks, bonds mutual funds and annuities and are managed by Morgan Stanly. A portion (5%) of the funds are used by the church each year for purposes designated by the fund.
Endowment funds will provide income in the amount of $96,360 to the church in 2022. The principal of the endowment is never distributed and remains invested so the church will benefit from distributions every year, forever.
The Donaldson Fund is by far the largest of our endowed funds totaling over $1,400,000 at December 31, 2021. The Donaldson Fund was established from monies received from the sale of property donated to the church by the Donaldson Family. A separate fund, the Bi Centennial Fund was established and a fund raising campaign was started in 1990 with the goal of increasing our endowment funds in order to generate income for the maintenance of our historic buildings and properties. The goal was to bring the endowments for building maintenance to $1,000,000. This goal was reached and these funds with the same purpose were combined. The church will receive $71,930 in 2022 to be used for maintaining the church property. The church will also receive money for missions ($11,594), scholarships ($6,873) and operations ($5,963) in 2022.
If you would like more information on how you can make a gift that will benefit the church every year, forever, please call Sammy Short at (910) 850-5094 or contact the church office at (910) 483-0121.
